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HomeMF Global: The Accounting Error That Wasn’t
Posted by Larry Doyle on April 4th, 2012 12:24 PM |
What really transpired in the offices of MF Global over that last fateful week?
On October 24th, the firm was downgraded by Moody’s. A week later, the once venerable house known as MF Global declared bankruptcy. Who knew what, and when did they know it? How did hundreds of millions of dollars of customer funds go missing? The best accounting and “follow the money” reporting I have seen to date is provided by a Sense on Cents favorite, CFO, which writes:
While securities dealer MF Global was melting down financially, the company’s finance and treasury departments — in conjunction with futures-market regulators — were on the hunt for the accounting error that wasn’t. (more…)
Is Jon Corzine “Too Big to Indict”? Part VII
Posted by Larry Doyle on February 25th, 2012 9:07 AM |
Four full months have passed and MF Global customers are still out a reported ~$1.6 billion.
How are these individuals and entities surviving? Will they ever see a return of their funds? Will the public ever learn what truly happened in those fateful days and hours when this firm went down the tubes?
Don’t hold your breath.
In a not unsurprising manner, we receive word on a late Friday afternoon that the investigation into the MF Global demise may be little more than a case of sloppy controls and compliance. Is this to be believed? (more…)
We Need an MF Global Grand Jury
Posted by Larry Doyle on January 30th, 2012 9:53 AM |
I still very much have the “sense on cents” that many on Wall Street and in Washington desperately wish that l’affaire MF Global would just fade away.
Let’s work hard to make sure that does not happen and that the MF Global customers who may NEVER see THEIR money again at least receive some justice in return.
NEVER see THEIR money again? Is that right? (more…)
